Govt Likely to Reduce Petrol Prices by Rs4/Litre

The government is poised to announce further relief in fuel prices, with petrol prices expected to drop by an additional Rs4 per litre for the first half of June 2024. This reduction mirrors a decline in international petroleum prices.

This anticipated cut will mark the third consecutive reduction in fuel prices, resulting in a total decrease of Rs24.85 per litre.

Additionally, the price of high-speed diesel (HSD) is likely to be reduced by around Rs3.5 per litre.

The new fuel prices will be unveiled at midnight on May 31, 2024, and will take effect for the first half of June. This follows a previous fortnight’s reduction in domestic diesel prices by Rs7.88 per litre, marking the second consecutive decrease.

Read: Govt Slashes Petrol by Rs. 15, Diesel Rs. 7.88 per litre

As of May 23, 2024, international petroleum product prices have fallen by $1.68 compared to the previous fortnight, now standing at $96.19. Similarly, diesel prices in the international market have decreased by 83 cents to $98.40.

It’s crucial to note that there are still six trading sessions left before the next pricing update. Therefore, the final prices will be subject to changes based on global market movements and exchange rate fluctuations.